Shares of Trump Media & Technology (DJT) plummeted after President Donald Trump’s inauguration, as investors turned to a new cryptocurrency backed by the president. On Friday night, Trump declared $TRUMP, his newly minted cryptocurrency, as his “Official Trump Meme” coin on social media. The move sparked a surge in price for the digital token.
$TRUMP skyrocketed to just above $75 early Sunday morning but has since dropped significantly, indicating that investors are shifting their focus away from DJT. The recent launch of this cryptocurrency presents another option for investors looking for a Trump-focused stock, providing a fresh alternative to DJT’s shares.
Source: https://www.investors.com/news/donald-trump-sentiment-indicator-djt-inauguration-meme-coin-effect